Breaking News

Obama Calls Out Companies That Switch Addresses for Tax Purposes
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

obama

When making remarks on Friday at a technical college in Los Angeles, President Barack Obama had some strong words for companies that use cross-border mergers to escape taxes in the United States, according to Bloomberg.

Obama accused the companies of being “corporate deserters who renounce their citizenship to shield profits.”

  
What
Where


“You shouldn’t get to call yourself an American company only when you want a handout from American taxpayers,” Obama said.

Some 41 companies in the United States have changed their addresses to low-tax countries since 1982. This is typically done by taking over a smaller company. It helps them reduce their tax bills while keeping their listings and executives in the United States. One of the most common countries this occurs in is Ireland.

There are eight moves pending right now. Some companies that are pending include Medtronic Inc. from Minneapolis and Mylan Inc. from Canonsburg, Pennsylvania.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Pfizer Inc. tried to move its tax address to the United Kingdom when it bought AstraZeneca Plc., which is based in London, but its move was rejected.

“I don’t care if it’s legal, it’s wrong,” Obama said. “It sticks you for the tab to make up for what they’re stashing offshore.”



Obama spoke with CNBC prior to speaking at the college and said, “We reached out repeatedly. The reason it’s not getting done right now is that Congress, as you may have noticed, is just not real productive.”



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Complex Litigation Attorney with 3-5 years of arbitration experience

USA-FL-Miami

Miami office of our client seeks complex litigation attorney with 3-5 years of law firm experience i...

Apply Now

Senior Business & Commercial Litigation Attorney

USA-CA-Irvine

Irvine office is seeking a business and commercial litigation attorney with 5+ years of experience. ...

Apply Now

Commercial Litigation Attorney with 1-3 years of experience

USA-TX-Dallas

Dallas office of our client seeks litigation attorney with 1-3 years of experience. The candidate wi...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

Legal Assistant- Bilingual

USA-NV-Las Vegas

Prestigious personal injury firm seeks superstar BILINGUAL legal assistant! Candidate MUST have...

Apply now

Paralegal

USA-AL-Montgomery

Overview The Southern Poverty Law Center is dedicated to fighting hate and bigotry and to seeking...

Apply now

Litigation Paralegal

USA-FL-Orlando

Litigation Paralegal The candidate will prepare records, review and prepare exhibits, analyze medica...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top